TL;DR Updated CyanogenMOD with ROM Manager and when it rebooted it is stuck on this screen:

I have an EVO with cyanogen 7. The ROM Manager app notified me of of an update. I clicked through everything to proceed with the update and everything seemed to be going fine; it shutdown, started back up, then showed a screen with a lot of text and an Installation Progress bar. Once that finished, it rebooted, showing the initial white EVO 4G screen. It then goes the screen above where it has been stuck for more then half hour (the blue arrow is still circling in the circle).

Does anyone have any suggestions on what went wrong and what I can do to fix it?

Place the rom (update-XX.zip) on the root of your SD card. This can be done through your recovery by selecting "mounts and storage" from the "home" menu of the recovery. Then selecting "mount USB storage"